Wall Street closed sharply higher on Wednesday, fueled by a rally in interest-sensitive growth stocks, as investors digested high inflation data and mixed quarterly results.
The drop in Treasuries yields helped the Nasdaq technology index lead the way among the three major US stock indices. The Philadelphia semiconductor index outperformed the broader market.
JPMorgan Chase & Co kicked off the first-quarter earnings season on a less than encouraging note by reporting a 42% drop in its quarterly profit. The pessimistic results of the biggest US lender sent its shares down 3.2%.
On the bright side, Delta Air Lines’ results exceeded expectations, and the company expects a return to profit in the current quarter because of “historically high” demand. The 6.2% jump in airline stock was contagious, and the broader S&P 1500 airline index soared 6.8%.
The S&P 500 index closed up 1.12% at 4,446.59 points. The Dow Jones rose 1.01% to 34,564.59 points. The Nasdaq Composite technology index rose 2.03% to 13,643.59 points.
Among the top 11 sectors in the S&P 500, consumer discretionary had the biggest percentage gain, at 2.5%.
Source: CNN Brasil
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